Have you made your mind to start your own business? If you think it’s going to be easy, think again: Entrepreneurship is a journey that requires a lot of time, effort and hard work, and perhaps unsurprisingly, many people end up failing. But if your company survives, the rewards of entrepreneurship are well worth the obstacles you’ll face on the road to success . do you think you are ready If you think you’re ready to start your first business, here’s a step-by-step overview of what you need to do to make it happen.
Step 1: Make Your Research
Most likely you have already identified a business idea , so now it’s time to balance it with a little reality. Does your idea have the potential to succeed? You will need to run your business idea through a validation process before you go any further. In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants. There are a number of ways you can identify this need, including research, focus groups , and even trial and error. As you explore the market, some of thequestions you should answer include:
- Is there a need for your anticipated
- Who needs it?
- Are there other companies offering similar products/services now?
- What is the competition like?
- How will your business fit into the market?
Step 2: Make a Plan
You need a plan in order to make your business idea a reality. A business plan is a blueprint that will guide your business from the start-up phase through establishment and eventually business growth, and it is a must-have for all new businesses. The good news is that there are different types of business plans for different types of businesses. If you intend to seek financial support from an investor or financial institution, a traditional business plan is a must. This type of business plan is generally long and thorough and has a common set of sections that investors and banks look for when they are validating your idea. If you don’t anticipate seeking financial support, a simple one- page business plan can give you clarity about what you hope to achieve and how you plan to do it. In fact, you can even create a working business plan on the back of a napkin, and improve it over time. Some kind of plan in writing is always better than nothing.
Step 3: Plan Your Finances
Starting a small business doesn’t have to require a lot of money, but it will involve some initial investment as well as the ability to cover ongoing expenses before you are turning a profit. Put together a spreadsheet that estimates the one-time startup costs for your business (licenses and permits, equipment, legal fees, insurance, branding, market research, inventory, trademarking, grand opening events, property leases, etc.), as well as what you anticipate you will need to keep your business running for at least 12 months (rent, utilities, marketing and advertising, production, supplies, travel expenses, employee salaries, your own salary, etc.). Those numbers combined is the initial investment you will need. Now that you have a rough number in mind, there are a number of ways you can fund your small business , including
1 personal saving
2 family and friends contribution
3 small business loan
4 small business grants
Step 4 Choose the structure of the business
The business entity you choose will impact many factors from your business name, to your liability, to how you file your taxes. You may choose an initial business structure, and then reevaluate and change your structure as your business grows and needs change. The business structure can be a sole proprietor, a limited liability company, a partnership etc.
Step 5: Pick and Register Your Business Name
Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name . Once you have chosen a name for your business, you will need to check if it’s trademarked or currently in use. Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed. Don’t forget to register your domain name once you have selected your business name. Try these options if your ideal domain name is taken .
Step 6 Select your technology
Just about every business today needs a solid set of tech tools to operate. Some will be more tech-heavy than others depending on the industry, but at the very least, you will likely need a powerful and reliable business laptop or smart device to help you keep things organized.
Since many key business functions — accounting, invoicing, point-of-sale software, presentations, etc. — can now be managed via mobile apps, you might be able to get away with just a smartphone or tablet. For more complex business functions, you’ll want to consider a computer with strong security features, storage options and performance speed.For those who want to operate their business on a smart device, think about whether you’ll need a separate phone or tablet for your professional apps and data. For instance, you could route your calls through a third-party app on your existing phone so you don’t need to give out your personal cell number. However, if you use the same apps for business and personal purposes, it might be easier to separate them so you don’t accidentally share information with the wrong audience.
If you’re thinking of selecting a technology for your business, you can contact Linx Networks Ltd an IT/Telecom Company. They will help you in choosing a business application for your business and also help in selecting the best device for your business
Step 7 Purchase an insurance policy
It might slip your mind as something you’ll “get around to” eventually, but purchasing the right insurance for your business is an important step that should happen before you officially launch. Dealing with incidents like property damage, theft or even a customer lawsuit can be costly, and you need to be sure that you’re properly protected. You may also need other types of coverage depending on your location and industry, but most small businesses are advised to purchase general liability (GL) insurance, or a business owner’s policy.
If your business provides a service, you may also want to consider professional liability insurance. It covers you if you do something wrong or neglect to do something you should have done whileoperating your business.
Step 9: Build your team
Unless you’re planning to be your only employee, you’re going to need to hire a great team to get your company off theground.
Step 10: Brand your business and advertise
Before you start selling your product or service, you need to build up your brand and get a following of people ready to jump when you open your literal or figurative doors for business. Create a logo that can help people easily identify your brand, and be consistent in using it across all of your platforms, including your all-important company website. Use social media to spread the word about your new business, perhaps as a promotional tool to offer coupons and discounts to followers once you launch. Be sure to also keep these digital assets up to date with relevant, interesting content about your business and industry.
Do not wait till when the whole facilities are in place, because their may not be time like that, just push your ideas ahead and remember it wl be difficult especially when you are starting with little finance, but be strong and believe the you will surely make it.